Representatives of the G2O economic group meeting in South Korea have reportedly acknowledged on Saturday that the recovery of the global economy will continue albeit in a slower pace than hoped, according to a South Korean official. South Korea central bank deputy governor and co-chair of the G20 finance deputies’ meeting Kim Jae-Chun said that […]
Seattle-based online retailer Amazon has initiated talks with media firms including Time Warner to put up an online video subscription service similar to that of Netflix, Inc., according to sources with knowledge of the talks. The planned monthly service would allow subscribers to view old films and TV shows. Viacom Inc. and NBC Universal have […]
Automobile sales in the United States during August registered the slowest pace for the month in 28 years as discount sales failed to attract customers anxious about the gloomy economic forecast and looming job losses. An annualized rate of 11.6 million vehicles this August would be the slowest August since 1982, according to Auto Info […]
Oil prices in the world market jumped on Thursday on the back of a decrease in new weekly claims for unemployment benefits and a weak US dollar. Light sweet crude for October, New York’s main contract, was up 84 cents to $73.36 per barrel as it recovered from three-month lows, while Brent North Sea of […]
Existing home sales plummeted by a record 27 percent in July as the benefits of the tax credit by the government weakened, showing that unemployment threatens to slow down the US economic recovery. The National Association of Realtors announced today in Washington that sales of homes were recorded at 3.83 million, its lowest pace in […]
Devastated by floods, Pakistan is facing tough choices in deciding how to allocate increasingly dwindling financial resources, said an International Monetary Fund official on Monday after the first day of economic talks with government officials. It was clear that the floods will have a “major and lasting impact” on the economy of Pakistan, said Masood Ahmed, […]
The U.S. Securities and Exchange Commission (SEC) charged the state of New Jersey Wednesday with securities fraud for failing to disclose the underfunding of pensions to municipal bond investors. It marked the first time a state was slapped with securities fraud by the U.S. regulatory commission. The state of New Jersey then agreed to settle […]
China has surpassed Japan as the number two largest economy in the world, second only to the United States after three decades of tremendous growth, according to Chinese state officials who released the official data Monday. Although widely expected, the official announcement formalizes the status of China as a real economic superpower. It was determined […]
Fears of an economic slowdown and bleak outlook were confirmed this week after latest economic reports showed a contraction in consumer spending and a bigger trade deficit. Morgan Stanley analysts downgraded their third-quarter estimate of consumer spending after data revealed that retail sales were down than expected for July. The trade deficit jumped a record-high […]
Major U.S. market indices plummeted on Wednesday following a prediction of a slowdown in economic recovery. The Dow Jones Industrial average dropped 265.42 points, or 2.49 percent, to 10,378.83, while the Nasdaq plunged 68.54 points, or 3.01 percent, to 2,208.63. Standard and Poor’s 500 index lost 31.59 points, or 2.82 percent, to settle at 1,089.47 […]
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